Addressing the media at the closing of the summit, Canadian Prime Minister Stephen Harper said that "firm targets" have been established in a bid to advance economic recovery that is "uneven and fragile."

"Advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016," said the G20 Toronto Summit Declaration which was issued on June 27.

US President Barrack Obama said the agreements show that nations can "bridge our differences" and "coordinate our approaches." He noted progress made in three areas: ensuring that the global economic recovery is strong and durable, continuing to reform the global financial system and addressing a range of issues that affect countries' prosperity and security.

G20 recognized Japan's situation and welcomed its own fiscal consolidation plan announced recently, and urged those countries with serious fiscal challenges to accelerate the pace of consolidation, according to the declaration.

World leaders recognized that the G20's highest priority is to "safeguard and strengthen the recovery and lay the foundation for strong, sustainable and balanced growth, and strengthen our financial systems against risks."

The declaration said advanced deficit countries should boost national savings while surplus economies will undertake reforms to reduce their reliance on external demand.